Results 801-820 of 1,974 for speaker:Arthur Spring

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: It was said that multiple people were involved in the bidding process. Please tell us how the bidding process took place and how interest in it was attracted.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: How many of those the liquidators have been dealing with are interested in the portfolios?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: Therefore, the interest has been extensive. Has a cost been incurred by the liquidators in getting people interested?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: Did the liquidators commission people to promote the sale of the portfolios?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: I will pick up from there. Ms Nolan alluded to the fact that the Department was given legal advice that it might impinge on the valuation if there was a stipulation that they had to abide by the codes of conduct. Did she say that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: So there is legal advice to that effect.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: If they are serviced here in Ireland, would the mortgages not fall under the remit of how securitisation traditionally works here?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: I understand that but the fact it will be serviced in this country by an operator means that surely the loans will have to comply with Central Bank regulations the same as any other loan in the country

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: So a loan book could be serviced by somebody within the State on behalf of a lender from outside the jurisdiction, which is not regulated by the Central Bank or the regulator?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: That is a grey area that should be cleared up. If they are servicing the loans in this country, they should be compelled to comply with Central Bank regulations. Ms Nolan said that it was not envisaged in the IBRC liquidation that mortgages would be sold on. Could she elaborate on that? I acknowledge that the special liquidators are trying to do the best thing by the taxpayer and get the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: It would have been appreciated if we, as legislators, on the night had a strategy presented to us. I understand that it had to be in place before 9 a.m. the following morning. This is a little reactionary. Almost 40% of the mortgages the special liquidators are dealing with are distressed. I am uncomfortable with the notion that somebody can come in and manipulate their mortgages to get...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: I am comfortable with that. I refer to the IBRC employees. I know many of them, as I worked with them when I was in my 20s. They are in mortgage distress and they have all the problems that my generation is experiencing. Is it fair that they are being treated the way that they are in the wind down of the bank relative to how the previous employees were treated? What are the restrictions?...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: However, many of them have been re-employed without being subject to the terms of the normal statutory redundancy process. In addition, they are considered to have started new jobs and do not have entitlements they had built up previously. They have been disadvantaged following the liquidation and that must be acknowledged. I thank Mr. Wallace for acknowledging their hard work because the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: We were assured that the employees would be looked after properly on the night of the liquidation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: For the purposes of transparency I always have to declare that I am a former employee of Anglo Irish Bank, among other financial institutions. Everybody knows that. I got a bit of grief at the doors once upon a time. PwC has put a bar in place as to the measure one needs to achieve on a bid in order to sell the mortgage book. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: The special liquidators have also said that in their opinions, if they were legally to oblige the purchasers of the mortgage book to adhere to the code of conduct and to the mortgage arrears resolution process, MARP, etc., the value that would be involved in the sale would be less than if they were not obliged. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: From that I can deduce that there is a built-in value between the market rate if they legally sign up to comply and the price if they make a statement of intent. That is a logical conclusion, is it not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: Therefore, if a monetary value is attributable to it, there is a benefit to the purchasers of those mortgages. What could that benefit be and why is there a monetary value to it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: My job is to protect the mortgage holders and employees of IBRC, Irish Nationwide, etc. The witnesses are special liquidators, not just ordinary liquidators. The fact that they have been appointed by the State means they also have to look after the citizens of the State. They are trying to get the best price, but there is more at play than that. Ms Nolan has alluded to the fact that in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Arthur Spring: Earlier Ms Nolan said in the event that the purchasers do not comply with the code of conduct, the Minister will legislate so that they comply. Is that correct?